By Coinivore
Despite the severe crypto downturn as the space recovers from the fallout of the #HashWar, forward-looking developers continue building new products that promote economic freedom.
Vin Armani, CTO of CoinText, who himself continues to launch a bevy of new offerings and cooperative efforts, recently tweeted about a novel approach to remittance being considered in France:
At first glance, this looks like the first step toward a powerful and disruptive remittance system. About $22 Billion in remittances was sent from France to other countries last year.
Remittance is a killer app of Bitcoin. https://t.co/MBOyBA5Qpa
— Ⓥin Ⓐrmani (@vinarmani) November 22, 2018
As the article from Bitcoinist in his tweet highlights, an officially authorized Bitcoin coupon system locally known as “Tabacs” could be rolled out in thousands of tobacco shops.
At first, between 3,000 and 4,000 shops will be equipped with software to process direct purchases of “coupons” of bitcoins.
The amounts of Bitcoin that can be bought will be of the following values: 50, 100, or 250 euros. Subsequently, the other tobacconists will also be equipped to exchange the cryptocurrency.
Antenna 1 reports that an agreement was signed recently by the company Bimedia, which provides terminals for collection at tobacco shops, allowing the sale of ‘dematerialized’ products, and KeplerK platform which offers cryptocurrencies.
Thanks to this agreement, tobacconists will be able next year to market coupons of 50, 100 or 250 euros convertible on the KeplerK website, bitcoins, ethereum, or another encrypted currency.
While KeplerK might be unknown to many, it is a worldwide point of sale leader, according to Bitcoinist. Furthermore, a potential joint cooperation between French regulators, the terminal provider, the cryptocurrency platform and even The Federation of Tobacconists appears to offer an incredibly powerful alliance that will enable much wider adoption.
Phillipe Coy, President of the Confederation of Tobacco shops, told Europe 1 that authorizing tobacco shop owners is a way of modernizing their profession. He also added, “It brings us closer to modern times of consumption, and use.”
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This unparalleled network and this high availability make tobacconists the first network of local shops in France.
However, according to the most recent report, it appears that the Bank of France (ACPR) might not be fully on board.
According to a statement by the Bank of France:
“Contrary to what was stated this morning, (…) without prior verification, no agreement has been signed to allow the sale of Bitcoin in tobacco shops. No agreement is discussed or envisaged on the subject.”
Nevertheless, the concept has been revealed; and beyond this apparent retraction, there appears to great interest both conceptually and practically. At the very least, should it not materialize in France, it could serve as a model for other areas to consider.